Updated Two-Unit
For Sale
$425,000
Pending
924 9th Avenue SE, Minneapolis, MN 55414
Residential Income, Minneapolis, MN
Property Size2,079 SF
Lot Size0.05 Acres
Days on Market56
Property Features for 924 9th Avenue SE
General Information
Property type
Residential Multi Family
Property subtype
Duplex
Zoning description
Residential-Multi-Family
Bedrooms
6
Bathrooms
2
Full bathrooms
2
Rooms
Bedroom 3, Bathroom 2, Bedroom 2, Basement, Bedroom 4, Bedroom 5, Bathroom 1, Bedroom 6, Bedroom 1
Exterior features
Vinyl
Subdivision
Clara E Fuller Add
Lot features
Tree Coverage - Medium
High school district
Minneapolis
Directions
35W N to University, right on University, left on 10th, left on 8th, right on 9th. Destination is on your right.
Standard status
Pending
APN
2402924210034
Size
2,079 SF
Lot size
0.05 Acres
Taxes and HOA fees
Tax Year
2026
Tax Annual Amount
4790
Utilities
Heating system
Baseboard
Amenities
Bluetooth-enabled pay-per-load laundry
Building Details
Year built
1990
Roof type
Shingle
Listing Agency:
Keller Williams Classic Rlty NW · Keller Williams Realty
(763) 463-7500
Listed By:
Michael Moe
(763) 657-4444
Added: Jul 8
Changed: Sep 1
Last Checked: Sep 1 at 6:06PM
MLS# 7095778
Copyright © 2026 Northstar MLS. All rights reserved. All information provided by the listing agent/broker is deemed reliable but is not guaranteed and should be independently verified.
Investment Insights
Based on property information with market context.
Built in 1990, this duplex contains 2,079 square feet with two residences, each offering 3 bedrooms, 1 bathroom, fresh updates, and contemporary finishes. The property has vinyl siding, shingle roofing, baseboard heat, and a basement. A shared Bluetooth-enabled pay-per-load laundry area provides an additional income stream.
The property is located at 924 9th Avenue SE in Minneapolis, approximately one mile from the University of Minnesota and within the Marcy-Holmes area. HOA services include lawn care, snow removal, hazard insurance, and garbage and recycling. An assumable FHA loan with a 3.8% interest rate is also associated with the property.
The property is located at 924 9th Avenue SE in Minneapolis, approximately one mile from the University of Minnesota and within the Marcy-Holmes area. HOA services include lawn care, snow removal, hazard insurance, and garbage and recycling. An assumable FHA loan with a 3.8% interest rate is also associated with the property.
Key Highlights
- Two‑unit duplex with 2,079 square feet
- Each unit has 3 bedrooms and 1 bathroom
- Built in 1990 with fresh updates and modern finishes
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$30,376
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
7.15%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$607,520
$607.5K
Cap Rate 7%
$433,943
$433.9K
Cap Rate 9%
$337,511
$337.5K
Market Conditions
NOI Build-Up for 2,079 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$46.2K $22.20/SF
− Vacancy
−$2.8K −$1.33/SF
EGI
$43.4K $20.87/SF
− OpEx
−$13.0K −$6.26/SF
NOI
$30.4K $14.61/SF
Area
Minneapolis, MN
Vacancy
5.98%
Lease Rate
$22.20 /SF/Yr
Expense Ratio
30.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$607,520
Cap Rate 7%
$433,943
Cap Rate 9%
$337,511
Alternative Uses
Best Use
Multifamily LT 5
$433.9K
$379.7K – $506.3K
NOI $30,376 @ 7.0% cap · market cap 7.15%
Second Best
Apartment 5plus
$398.6K
$348.8K – $465.0K
NOI $27,900 @ 7.0% cap · market cap 6.56%
Theoretical Best
Office A
$496.0K
$434.0K – $578.7K
NOI $34,720 @ 7.0% cap · market cap 8.17%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
2
Residential units
Location Intelligence
Trade Area within ½ mile
1,289
Businesses Nearby
Explore this area
Business Placement
Demographics for 55414, MN
36,600
Population
15,541
Households
2.4
Avg Household Size
26
Median Age
68%
College-Educated
93%
High-School Grad
3.1 sq mi
ZIP Area
11,806
Density / Sq Mi
$47,004
Median Household Income
$18,386
Median Earnings
$1,368
Median Rent
$454,200
Median Home Value
Market
Vacancy Rate% for Multifamily in Midwest region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Duplex - Updated two-unit property with modern finishes, shared laundry, and HOA-managed exterior maintenance.
Where is this duplex located?
The property is located at 924 9th Avenue SE Minneapolis, MN.
What is the asking price?
The asking price for this property is $425,000.
What are key features of this property?
This property features: Two‑unit duplex with 2,079 square feet; Each unit has 3 bedrooms and 1 bathroom; Built in 1990 with fresh updates and modern finishes
